Sarah Palin raised the roof last night on her “Saturday Night Live” debut, yukking it up with Alec Baldwin and executive producer Lorne Michaels as she watched dead-ringer Tina Fey lampoon her at a fake news conference.

Fey, the show’s former head writer, who donned a red blazer and Palin’s up-swept do and glasses, took a poke at the Alaska governor’s press-shyness.

The screen then cuts to “SNL” show creator Michaels and the real Palin watching the show backstage.

“I just didn’t think it was a realistic depiction of what my press conferences are like,” the Republican veep hopeful said to Michaels.

All of a sudden, Baldwin strolled up and mistakes the Alaskan governor for his “30 Rock” castmate, Fey, pleading with Michaels not to let “Tina” do the show with Palin, whom he calls “Caribou Barbie.”

“You can’t let Tina go out there with that woman. She goes against everything we stand for,” the notoriously liberal actor said. “This is the most important election of our lifetime.”

After Michaels points out that he’s speaking to the real Gov. Palin, a red-faced Baldwin backtracks and said, “Forgive me, but I feel I must say this, you’re way hotter in person.”

“I can’t believe they let her [Fey], you know, play you,” Baldwin said.

After the pair strode off to the set arm in arm, Baldwin walked up to Fey, who is still in character, and whispered in her ear. Fey then exclaimed, “The real one?” and walked away from the podium, crossing Palin on stage.

The country’s most famous hockey mom then deadpaned: “I’m not going to take any of your questions, but I do want to take this opportunity to say, live, from New York, it’s Saturday Night.”

Palin returned to the stage for the Weekend Update segment, bopping to a rap by Amy Poehler while Eskimos, a moose, and a snowsuit-clad man danced in the background.

“All the mavericks in the house, put your hands in air!” Poehler yelled as Palin pumped her hands in the air.

The show, hosted by Josh Brolin, who plays President Bush in the biopic “W.” joked in the opening monologue that he was in a recent political movie, “No Country For Old Men.”